Richard Coleman QC, leading Kerenza Davis of Blackstone Chambers, appeared in the Court of Appeal for the Financial Conduct Authority as an Interested Party in a claim for judicial review of the decision of KMPG LLP, acting as a Skilled Person under s. 166 of the Financial Services and Markets Act 2000, to approve the offer of redress made by Barclays to its customer, Holmcroft Properties Limited, under the redress scheme agreed between the FCA and Barclays. The court upheld the decision of the Divisional Court that KPMG was not amenable to judicial review because, although KPMG was overseeing the operation of the redress scheme within a regulatory framework, the decision under challenge did not have a sufficiently public element to bring it within the purview of judicial review. The case serves as an important illustration of the limits of the availability of judicial review of the decisions of private entities that have voluntarily undertaken a role within a regulatory framework. The judgment of the Court of Appeal is available here.
Richard Coleman QC was instructed by Baker & McKenzie on behalf of the Financial Conduct Authority.